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17 Mar 2014
USD/JPY is drifting higher on quiet Asian session
FXStreet (Moscow) - USD/JPY is trying to develop the upside correction early in Asia as the pair moved from the intraday low at 101.27 to current levels of 101.53.
USD/JPY is a geopolitical play
In the short-term USD/JPY is going to be driven by risk sentiments and geopolitical news rather than macroeconomic reports and monetary policy expectations. Ongoing Russia-Ukraine tensions is the main source of concern of the traders. The Crimean referendum results are largely priced in, but the reaction of the key interested parties may become potent trigger of violent movements. Should the conflict continue to escalate, JPY will be in demand as a safe-heaven currency. From the technical point of view, keep an eye at 101.30 on the downside, if it is broken, the selling pressure may increase and the cross may fall to 101.00. The upside is likely to be limited by 101.70.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.49, with support below at 101.08, 100.80 and 100.40, with resistance above at 101.77, 102.17, and 102.45. Hourly Moving Averages are bearish, with the 200SMA at 102.63 and the daily 20EMA at 102.39. Hourly RSI is neutral at 42.
USD/JPY is a geopolitical play
In the short-term USD/JPY is going to be driven by risk sentiments and geopolitical news rather than macroeconomic reports and monetary policy expectations. Ongoing Russia-Ukraine tensions is the main source of concern of the traders. The Crimean referendum results are largely priced in, but the reaction of the key interested parties may become potent trigger of violent movements. Should the conflict continue to escalate, JPY will be in demand as a safe-heaven currency. From the technical point of view, keep an eye at 101.30 on the downside, if it is broken, the selling pressure may increase and the cross may fall to 101.00. The upside is likely to be limited by 101.70.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 101.49, with support below at 101.08, 100.80 and 100.40, with resistance above at 101.77, 102.17, and 102.45. Hourly Moving Averages are bearish, with the 200SMA at 102.63 and the daily 20EMA at 102.39. Hourly RSI is neutral at 42.